Early in 2013, I refinanced my home loan with Quicken Loans. I was hesitant initially, because it appears as though a major loan deal is something you must finish with a loan workplace you can speak to face-to-face.
However, my physical bank wouldn’t give me the best interest rate on a refinance – regardless of my good credit rating and my husband’s exceptional rating. Seventy-five percent of my family’s earnings is the outcome of my self-employed tasks, and the bank chose that made up a risk.
So, when a Credit Sesame pop-up prompted me to re-finance with Quicken Loans, I chose to go all out.
Why Choose Quicken Loans
Quicken Loans is fairly quick and friendly. The whole process is fairly smooth, and you receive aid every action of the means. Quicken has a terrific loan center that offers you with information about your re-finance and which documents you require.
It’s possible to obtain access to a variety of home mortgage programs with Quicken. You can pick different loan terms, consisting of home loans with regards to 15 years in addition to 30 years. I capitalized on the HARP program through Quicken Loans (HARP is slated to end December 31, 2015).
Costs and Fees
As with a lot of loan situations, the costs and fees you pay rely on the kind of loan you get. In my case, the costs were fairly affordable. I’d an origination cost of about $1,700. Because I save $300 on my home loan each month, thanks to the refinance, it took a little less than 6 months to break even.
I also needed to settle the small second home loan on the home as part of the process, which brought my total out of pocket requirement to a little less than $4,000.
Even though I was irritated that Quicken needed me to settle the 2nd home loan as part of the refinance deal, I think it was advantageous now. It’ll make my home simpler to offer down the roadway, and I do not have it hanging over my head.
Required Papers and Client Service
A Quicken representative called my telephone number minutes after I completed the customer details kind on Credit Sesame. Talk about quick lead generation! I did not respond to the phone, however. Rather, I let it go to voicemail. I waited a week (phone calls almost every day), till I was ready, to call back and start the process.
When I did get in touch with my loan officer on the phone, he assisted me get set up with Quicken’s Loan Center. This works as a hub for all your documents. It’s how you upload documents, such as your Excellent Faith Quote. I’d the ability to initiate re-finance proceedings instantly, using an electronic trademark. My loan officer was on the phone, talking me with it the whole time.
All of the files you need appear as a checklist. From copies of your identification to bank statements to tax returns and W-2 / 1099 kinds to added possession statements, you’ve an itemized list of precisely what you require. You can scan and publish papers fairly easily. Many banks offer their statements in PDF format that you can quickly save to your computer and then upload to the Quicken Loan Center.
In addition to having a loan officer, Quicken designates another team member to assist you through the process. If there are questions about transfers and assets, you’re emailed right away. If you require extra documentation, and you’re slow-moving to send it, you’re advised. And every couple of days, somebody calls to keep you updated.
Any questions you’ve can be addressed quickly through e-mail or over the phone, from the step-by-step procedure needed to cancel your automatic repayments to your previous lender to the timing involved in canceling those payments and starting payments to Quicken. I was surprised at the level of customer support I received. It was better than what I received when completing my first home loan at a physical bank.
Other Features and Services
After everything was cleared, the next action was to sign the paperwork. For the last papers, a notary is required. However, in lieu of sending us a pile of papers and requiring us to find a notary, Quicken in fact sent out someone to our home (we can have arranged a meeting elsewhere, if we desired). He’d the documents and supervise the entire procedure. Then, he took care of mailing the appropriate copies to the proper places. This was at no extra expense to us (the cost was consisted of in the $1,700 total).
Quicken likewise allows you to the choice to make bi-weekly payments, which we chose to do. Your Loan Center remains active, so you can evaluate documents after the truth, and it also includes info on your home loan statements and repayments, so you can remain current.
How Quicken Loans Compares to Others
In general, Quicken Loans is competitive with other brokerages in regards to costs charged and interest rates provided. I experienced a higher level of client care with a Quicken Loans re-finance than I did with my initial mortgage with a brick and mortar bank. Furthermore, Quicken Loans was willing to assist me with the HARP program when my primary bank wouldn’t. I’d to submit more paperwork about my earnings and possessions (including PayPal statements), but, in the end, we’d the ability to get the best readily available rate of interest, and get approval without too much difficulty, thanks to the HARP program and our credit score.
How Quicken Loans Can Be Better
Some lenders provide no-cost refinancing. While the costs I paid just were not onerous, I still would’ve suched as the option of a no-cost refinancing. Likewise, the value of my home was high enough that the small 2nd home mortgage can have been rolled into the refinance without too much problem. That’d have been a plus, but in the end it’s most likely finest that I simply paid it off.
Also, despite the fact that the refinance only took somewhat even more than six weeks to close, it would’ve been good to make things with faster, since the timing meant I’d to send additional statements mirroring the most current scenario. However I comprehend that my self-employment circumstance probably held up the process a little bit.
Who Is Quicken Loans Good For?
Because of the structured HARP program, Quicken Loans is terrific for the customer with HARP eligibility trying to refinance a house. Quicken can likewise benefit a non-HARP refinance. However, the online nature of Quicken Loans implies that a non-HARP re-finance might come with additional headaches, because there are different appraisal requirements. The easier/non-appraisal circumstance with HARP implies an online refinance is easy.
Bottom Line Recommendation
Overall, my experience refinancing with Quicken Loans was wonderful. It was quickly and easy, and my group was practical and friendly. I have turned from skeptic to believer.